Moody's cuts WaMu's subprime deals issued in 2007

SAN FRANCISCO (MarketWatch) -- Moody's Investors Service said Thursday it downgraded the ratings of and placed on review for possible downgrade the ratings of 14 tranches from 6 subprime deals issued by Washington Mutual Inc.
WM, +0.16%
in 2007. The rating agency also said four downgraded tranches remain on review for possible further downgrade. The collateral backing these classes consists of primarily first lien, fixed and adjustable-rate, subprime mortgage loans. Collateral backing these transactions is also experiencing higher than expected rates of delinquency and foreclosure, Moody's said.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.